The United Auto Workers (UAW) says Ford's workers have voted to accept changes to their contract that include freezing wages and eliminating some paid holidays and bonuses. Changes were also made to retiree health-benefits packages. The Detroit Free Presswrites the goal of the deal is to help Ford survive the recession without a bailout from the government. Ford faces a tough road ahead and needed to cut costs to survive after its car and truck sales plunged 48.5% in February.
"Once again, UAW members have stepped up to make the difficult decisions necessary to deal with the reality of the current economy, the deteriorating auto industry as a whole and specifically the negative impact the economic climate is having on Ford Motor Co.," UAW President Ron Gettelfinger said in a statement.
The agreement is designed to help Ford survive 2009 without asking for government loans. Ford, the only domestic automaker to forgo federal loans, is struggling as it faces the worst industry conditions in decades.
The Dearborn automaker posted a record loss of $14.6 billion in 2008 and industry conditions have been even worse this year. Sales of Ford's cars and trucks dropped 48.5% in February.
The New York Timesreports that the struggling automotive company has no plans to seek government aid. ABC says the Ford-UAW agreement is expected to be a model for Chrysler LLC and General Motors Corp., which are seeking an additional $21.6 billion in government aid.
The United Auto Workers (UAW) says Ford's workers have voted to accept changes to their contract that include freezing wages and eliminating some paid holidays and bonuses. Changes were also made to retiree health-benefits packages. The Detroit Free Press 
